In case you're joining us for the first time, or missed a prior post in this series, please check out the index below:

Credit Card Reward Programs for Travelers: An IntroductionThe Basics of American Express Membership Rewards The Basics of Chase Ultimate RewardsThe Basics of Capital One Rewards (this post)The Basics of Marriott BonvoyThe Basics of Citi ThankYou Points

Today we’ll take a look at an underrated player in the points and miles world: Capital One.

Capital One offers cards desirable to travelers, including those which earn transferable points as well as cards offering cash back.

Through December 11, 2019, you will earn 25% more Avianca LifeMiles when transferring Citi ThankYou Points.

Three of the four major transferrable point currencies--American Express Membership Rewards, Citi ThankYou Points, and Capital One Miles--periodically run transfer bonuses to airline mileage partners. Chase Ultimate Rewards offered their first transfer bonus in May to British Airways Avios.

Sometimes the transfer bonus is offered by the bank that issues the points, and sometimes the transfer bonus is offered by the mileage program you can transfer said points to.

Through December 11, 2019, you will earn 25% more Avianca LifeMiles when transferring Citi ThankYou Points.

Three of the four major transferrable point currencies--American Express Membership Rewards, Citi ThankYou Points, and Capital One Miles--periodically run transfer bonuses to airline mileage partners. Chase Ultimate Rewards offered their first transfer bonus in May to British Airways Avios.

Sometimes the transfer bonus is offered by the bank that issues the points, and sometimes the transfer bonus is offered by the mileage program you can transfer said points to.

There are four major transferrable point currencies: American Express Membership Rewards, Citi ThankYou Points, Capital One miles, and Chase Ultimate Rewards. The first three types of points periodically run transfer bonuses to airline mileage partners. Chase Ultimate Rewards recently offered their first transfer bonus ever in May to British Airways Avios.

Why You Should Care

If you have the flexibility to wait to book your award, and you have an idea of when the next transfer bonus is, you could wait to save points.

American Express Membership Rewards, Citi ThankYou Points, and Capital One Miles, three of the four major transferrable point currencies, periodically run transfer bonuses to airline mileage partners. Chase Ultimate Rewards offered their first transfer bonus ever in May of this year to British Airways Avios.

To be clear, sometimes the transfer bonus is offered by the bank, and sometimes the transfer bonus is offered by the mileage program.

May 30 (tomorrow), the price of British Airways Avios awards flying all of the following partner airlines will increase in price:

Alaska AirlinesAir ItalyAmerican AirlinesCathay PacificFinnairJapan AirlinesLATAMMalaysia AirlinesQantasQatar AirwaysS7Sri LankanRoyal Jordanian Airlines

Award prices flying British Airways, Iberia, Aer Lingus, and Vueling will not change price as of now.

For the first time ever, Ultimate Rewards is offering a transfer bonus to one of their loyalty program partners: British Airways Avios. Through June 16, 2019 at 11:59 pm ET, you will earn 30% more points for Ultimate Rewards to British Airways transfers. That means 10,000 Ultimate Rewards translates to 13,000 Avios, and 20,000 Ultimate Rewards is 26,000 Avios.

The fact that there is an Ultimate Rewards transfer bonus is exciting news in itself.

Through November 15 you'll earn 40% bonus points when you transfer Membership Rewards to either British Airways or Iberia Avios.

That means 1,000 Membership Rewards = 1,400 Avios.

This deal typically comes around once a year and presents an excellent opportunity to save points on awards in and between various parts of the world.

Update 5/21/18: It’s been a year since I originally published this Transfer Bonus series, so I've updated all three posts with transfer bonuses over the last 12 months.

Below are three different transfer bonus opportunities, two of which expire at the end of the day Saturday, and another that lasts through mid May.